Articles Archives - Page 19 of 140 - Pension Policy International

24NovNovember 24, 2023

ESG and Public Pension Investing in 2023: A Year-To-Date Recap and Analysis

By Joshua Lichtenstein, Michael Littenberg & Reagan Haas Since 2021, Ropes & Gray has been actively tracking the various approaches states have taken on how or whether environmental, social and governance (ESG) factors should be applied to the investment decisions for public retirement systems. States have used legislative, administrative and enforcement mechanisms to address this area, which has been complemented by Congressional Republicans’ various attempts to shine a spotlight on ESG in recent months. Judging by the significant uptick in...

November 24, 2023

Articles, Investment2023, ESG, Investment, Pension Management, US

21NovNovember 21, 2023

Pension Reforms, Longer Working Horizons and Absence from Work

By Giorgio Brunello, Maria De Paola & Lorenzo Rocco Using matched employer-employee data for Italy and newly available information on sick leaves certificates, we study the effect of an exogenous increase in the length of the residual work horizon – triggered by a pension reform that increased minimum retirement age - on middle-aged employees' absence from work due to sick leaves. We find that this effect is positive for females and negative for males. After excluding health as a plausible...

November 21, 2023

Articles2023, Italy, Labor Market, Pension Reform

17NovNovember 17, 2023

Unionization of Retired Workers in Europe

By Vinzenz Pyka & Claus Schnabel We shed light on an understudied group: retirees in unions. Using representative individual-level data of 19 European countries, we find that the share of retirees in unions and the union density of retirees increased between 2008 and 2020. Econometric analyses indicate that on average retired workers' probability of union membership is 17 percentage points lower than that of active workers. This finding is consistent with social custom models and cost-benefit considerations. We further find that...

November 17, 2023

Articles, Labor Market2023, Aging, Europe, Labor Market

17NovNovember 17, 2023

AI and Retirement – How It Will Affect Your Retirement Savings

By Carolyn Young Artificial Intelligence (AI) is impacting humans more than any of us realize. It’s being used by marketers to gain customer insights, by manufacturers to automate processes, and by many businesses to analyze data and improve efficiency. AI’s ability to rapidly analyze large amounts of data has also given it a huge role in the financial industry, and thus can impact your retirement savings in a variety of ways. In fact, AI is being used most by the banking...

November 17, 2023

Articles, Pension design2023, AI, Pension design, Pension Management, Technology

17NovNovember 17, 2023

Societal aging and its impact on Singapore

By Cynthia Chen, Julian Lim, Abhijit Visaria & Angelique Chan Societal aging is arguably one of our most critical demographic challenges (World Bank, 2016). Singapore is aging at a much faster rate compared to other countries. It will take only 27 years to transition from an 'aging society' in 1999 (7% of the population aged 65+) to a 'super-aged society' in 2026 (with 20% of its population aged 65+) (Tan Teck Boon, 2015). Japan, China, Germany, and the United States took, or will take,...

November 17, 2023

Aging, Articles2023, Aging, Singapore

10NovNovember 10, 2023

Sustainability of pension schemes: Building a smooth automatic balance mechanism with an application to the us social security

By Frédéric Gannon, Florence Legros & Vincent Touzé We build a “smooth” automatic balancing mecanism (S-ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the expenditures of a pension scheme. The S-ABM obtains from minimizing a sum of discounted quadratic loss function under the constraint of an intertemporal budget balance. One advantage of this model of “optimal” adjustment is its ability to analyse various configurations in terms of ABMs by controlling the adjustment pace. Notably, this S-ABM...

November 10, 2023

Articles, Sustainability2020, Pension Reform, Social Security

10NovNovember 10, 2023

Health and Retirement: Heterogeneity in the Responsiveness to Pension Incentives

By De Fen Hsu, Melinda Sandler Morrill & Aditi Pathak Workers often time retirement around pension eligibility, yielding a strong instrument for retirement timing. By estimating the characteristics of the complier population, we find heterogeneity by individuals' health status in the responsiveness to pension-related financial incentives to retire. Workers in poor health do not uniformly retire earlier or later, but rather are less responsive overall to pension incentives. Thus, characterizing compliers may yield different conclusions than simple comparisons of means. Source...

November 10, 2023

Articles, System Characterization2023, Health, Retirement Age

10NovNovember 10, 2023

In search of financially sustainable pension systems: three benchmark models

By Ekaterina Cuéllar, Daniel Gamboa & Waldo Tapia One of the great dilemmas facing countries around the world is to define a pension system that is financially sustainable in the face of increasing life expectancy, falling fertility rates and the consequent lack of generational replacement. Globally, pension reforms in countries with more advanced aging processes have focused on implementing parametric reforms and incorporating automatic adjustments of the main parameters to share productivity, financial and demographic risks. In this article we present the advantages...

November 10, 2023

Articles, Sustainability2023, Aging, Coverage, Pension design

03NovNovember 3, 2023

ESG in China: A review of practice and research, and future research avenues

By Hongtao Shen, Honghui Lin, Wengi Han & Huiying Wu This paper reviews the practice and research on environmental, social and governance (ESG) in China. It finds that (1) under China’s top-down framework, ESG practices have grown substantially in ESG disclosure, ESG rating and ESG investing; and (2) ESG research has focused on corporate ESG disclosure and performance as well as ESG investing. Although the topics of the ESG studies reviewed in this paper are similar to those of ESG...

November 3, 2023

Articles, Investment2023, China, ESG, Pension Management

03NovNovember 3, 2023

Aging, Healthcare System, and Interest Rates

By Reona Hagiwara Over the past few decades, the Japanese economy has experienced the widening gap between returns on liquid bonds and illiquid capital (i.e., the liquidity premium) due to a secular decline in the real interest rate and a slight increase in the capital return. This paper explores the role of the health or medical expenditure risk in the increase in the premium, using a general equilibrium overlapping generations model with heterogeneous agents that differ in health status and...

November 3, 2023

Aging, Articles2023, Aging, Healthcare, Japan, Pension Payout

November 2023